BillionToOne, which develops prenatal and oncology diagnostics with single-molecule sensitivity, raised $273 million by offering 4.6 million shares at $60, above the range of $49 to $55. The offering contains 0.7 million more shares than anticipated. At pricing, the company commands a fully diluted market value of $3.2 billion.
BillionToOne is focused on the field of molecular diagnostics, using its single molecule next-generation sequencing (smNGS) platform to develop prenatal and oncology products that reveal actionable insights from a simple blood draw. In 2019, the company launched its first prenatal product, UNITY, which is the first non-invasive prenatal test that uses cell-free DNA to provide fetal risk assessment for recessive conditions without requiring a paternal sample or invasive procedures. In 2023, the company launched two complementary pan-cancer liquid biopsy tests: Northstar Select, which is used to guide therapy selection, and Northstar Response, a methylation-based assay that quantifies the amount of cancer at the single molecule level without requiring a tissue biopsy.
BillionToOne plans to list on the Nasdaq under the symbol BLLN. J.P. Morgan, Piper Sandler, Jefferies, William Blair, Stifel, Wells Fargo Securities, and BTIG acted as joint bookrunners on the deal.
